| Practice area: | Education and Labour Markets |
|---|---|
| Client: | Lancaster University |
| Published: | 4 October, 2024 |
| Keywords: | economics of education higher education 2024 |
London Economics were commissioned to assess the economic and social impact of Lancaster University to the United Kingdom.
The total economic impact on the UK economy associated with Lancaster University’s activities in the 2021-22 academic year was estimated at approximately £2.0 billion. Of this total:
- Lancaster University’s research and knowledge exchange activities accounted for £726 million (37%) of this impact;
- The value of Lancaster University’s teaching and learning activities stood at £551 million (28%);
- The impact associated with Lancaster University’s international students was estimated at £341 million (17%); and
- The impact generated by the operating and capital expenditures of the University stood at £352 million (18%).
In terms of the number of full-time equivalent (FTE) jobs supported, the analysis indicates that the total impact generated by the University’s activities supported a total of 8,805 FTE jobs across the UK economy in 2021-22, of which 6,085 were located in the North West.
Compared to the University’s relevant operational costs of approximately £308 million in 2021-22, the total impact of Lancaster University’s activities on the UK economy was estimated at £2.0 billion, which corresponds to a benefit to cost ratio of 6.4:1.